# Income Tercile Heterogeneity: 4 Automation Proxies

| Variable | I/Y: Full | I/Y: Low | I/Y: Mid | I/Y: High | K/Y: Full | K/Y: Low | K/Y: Mid | K/Y: High | K/L: Full | K/L: Low | K/L: Mid | K/L: High | GDP/cap: Full | GDP/cap: Low | GDP/cap: Mid | GDP/cap: High |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|
| Z_1 | 32.3043*** | 65.4178* | 36.6059 | 16.1925 | -5.0940* | 19.5420** | -12.6630*** | -1.8516 | 0.0957** | 0.1116*** | -0.1503*** | -0.0286 | 8074.7470 | 5067.2845*** | -2190.1720 | -16558.9804 |
| | (12.2434) | (36.5224) | (25.9935) | (12.1284) | (2.8203) | (8.9502) | (4.5384) | (2.5477) | (0.0451) | (0.0343) | (0.0503) | (0.1124) | (5918.7870) | (1427.3488) | (5138.3216) | (13079.3810) |
| Z_2 | -3.7210** | -8.7064 | -5.2794 | -1.2489 | 0.7000 | -3.4345** | 1.5564** | 0.1457 | -0.0058 | -0.0143** | 0.0335*** | -0.0016 | 337.9484 | -154.8864 | 1617.5725** | 3095.4587* |
| | (1.8303) | (5.8341) | (3.8788) | (1.7438) | (0.4265) | (1.4560) | (0.6797) | (0.3675) | (0.0069) | (0.0056) | (0.0076) | (0.0162) | (883.1289) | (226.3148) | (759.8897) | (1842.3853) |
| Z_3 | 0.1193 | 0.3263 | 0.2088 | 0.0192 | -0.0248 | 0.1599** | -0.0519* | -0.0021 | 0.0002 | 0.0006** | -0.0016*** | 0.0004 | -21.8212 | -8.5638 | -89.3907*** | -112.5535 |
| | (0.0743) | (0.2486) | (0.1587) | (0.0692) | (0.0175) | (0.0631) | (0.0279) | (0.0147) | (0.0003) | (0.0002) | (0.0003) | (0.0007) | (36.3689) | (9.6115) | (30.9060) | (74.2933) |
| fiscal_bal_gdp | -0.0532*** | 0.0816* | -0.1568*** | -0.0377* | -0.0165*** | -0.0040 | -0.0204*** | -0.0277*** | -0.0001*** | 0.0000 | -0.0000 | -0.0005*** | 60.8302*** | 2.0347** | 33.1264*** | 152.7445*** |
| | (0.0173) | (0.0436) | (0.0318) | (0.0219) | (0.0029) | (0.0069) | (0.0048) | (0.0029) | (0.0000) | (0.0000) | (0.0000) | (0.0001) | (5.2360) | (0.8963) | (4.7093) | (14.3293) |
| nfa_gdp_lag | 0.1801 | 0.2334 | 0.4805* | -0.1873 | -0.0572** | -0.0731 | -0.0980** | -0.0035 | -0.0007* | -0.0000 | -0.0003 | -0.0017 | 121.3848** | 11.0811 | 90.2079** | 75.1660 |
| | (0.1578) | (0.3779) | (0.2600) | (0.1862) | (0.0277) | (0.0711) | (0.0414) | (0.0268) | (0.0004) | (0.0002) | (0.0004) | (0.0011) | (54.4101) | (10.0680) | (43.7511) | (146.6641) |
| rgdp_growth | 0.0778*** | 0.1284*** | 0.1156*** | 0.0366*** | -0.0171*** | -0.0192*** | -0.0125*** | -0.0214*** | -0.0001** | 0.0000 | -0.0001*** | -0.0001** | 59.3720*** | 12.3915*** | 32.1593*** | 129.2262*** |
| | (0.0097) | (0.0262) | (0.0185) | (0.0137) | (0.0017) | (0.0047) | (0.0025) | (0.0018) | (0.0000) | (0.0000) | (0.0000) | (0.0001) | (2.7908) | (0.6386) | (2.2936) | (8.2818) |
| kaopen | -0.1114 | 0.0639 | 0.0446 | -0.2330 | -0.0135 | -0.0018 | -0.0419 | 0.0398 | 0.0018*** | 0.0005* | 0.0003 | 0.0034*** | 228.6801*** | 7.2007 | 147.3038*** | 367.9597** |
| | (0.1630) | (0.3933) | (0.2740) | (0.2124) | (0.0291) | (0.0810) | (0.0400) | (0.0316) | (0.0004) | (0.0003) | (0.0004) | (0.0013) | (63.3162) | (12.1614) | (46.4191) | (184.1344) |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|
| N | 4671 | 1317 | 1368 | 1666 | 4558 | 1271 | 1432 | 1481 | 4509 | 1271 | 1411 | 1460 | 5074 | 1592 | 1724 | 1758 |
| R² | 0.0872 | 0.0768 | 0.0250 | 0.0901 | 0.0351 | 0.0099 | 0.0632 | 0.0784 | 0.4066 | 0.0232 | 0.0596 | -0.0757 | 0.4481 | 0.2482 | 0.0636 | -0.1952 |
| Countries | 159 | 65 | 84 | 72 | 163 | 67 | 86 | 71 | 163 | 67 | 86 | 71 | 171 | 75 | 94 | 76 |

*Panel GLS with Prais-Winsten AR(1) correction, country and year FE.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*

*I/Y = gross_investment_gdp. K/Y = rnna/rgdpo. K/L = capital_per_worker. GDP/cap = gdp_pc_ppp. Terciles by GDP per capita (PPP).*